This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Chairman of the FRC highlights the importance of culture in business

  • FRC Image

20 Sep 2016

Speaking at the annual conference of the Financial Reporting Council (FRC), Sir Win Bischoff, the FRC Chairman, has highlighted the importance of company culture in delivering long-term sustainable performance for all stakeholders.

Speaking at the conference, Sir Win Bischoff stated that “culture in business is a key ingredient in delivering long-term sustainable performance for all stakeholders including customers, communities, suppliers, employees and shareholders – ultimately society itself.”

He highlighted the role that the UK Corporate Governance Code has played on promoting better behaviours in business. But at the same time, he indicated the limits of the Code, i.e. “by itself, a code does not prevent inappropriate behaviour, strategies or decisions”. He stated that “Only the people, particularly the leaders within a business, can do that.”

He referred to the FRC's report 'Corporate culture and the role of boards', published in July this year, which highlights the vital role of the Board in establishing and delivering good behaviours.

He further indicated that “culture can be measured and much information is already available to do so”. He also stated that culture should be company specific and that “there is no one-size-fits-all” approach.

Concluding he stressed “there simply has to be increased and continuous focus on company culture”.

The full text of the speech can be obtained from the FRC's website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.